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PensionCalculator.org has teamed up with financial professionals to provide you with access to the best annuity rates, expert advice on pension enquiries, pension release and other retirement issues.
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Most people will purchase an annuity between the ages of 65 and 75. Annuities are essentially an agreement to pay you a state sum per year until you die. The amount provided by these annuities depend on when you retire and how much you have saved in your pension fund.
It is compulsory to buy an annuity by the time you reach the age of 75. The only exception to this is if you are part of a final salary pension scheme – though as these are becoming increasingly hard for companies to avoid. We at PensionCalculator.org have taken a look at all the annuity plans available on the market, and picked our top 5 best policies based on a purchase price of £10,000.
It is important to realise that you do not necessarily have to take the annuity plan offered to you by your pension provider, and may be able to get a far better deal by shopping around. Many pension providers rely on the fact that most people don’t shop around to give a less competitive annuity rate.
See below for Pension annuities for 65 year old Males
| Pension Annuity 65yr old Male | |||
| Bank | Interest | Notes | Link |
| Hodge Lifetime | £647 | Based on a Purchase Price of £10,000 | info |
| Aviva | £636 | Based on a Purchase Price of £10,000 | info |
| Canada Life | £626 | Based on a Purchase Price of £10,000 | info |
| Saga | £624 | Based on a Purchase Price of £10,000 | info |
| Legal & General | £605 | Based on a Purchase Price of £10,000 | info |
The information shown is taken from Moneyfacts and correct as of June 2011.
See below if you suffer from a medical condition for Enhanced Annuities for 65 year old Males:
| Enhanced Annuity 65yr old Male | |||
| Bank | Interest | Notes | Link |
| Partnership | £804 | Based on a Purchase Price of £10,000 | Info |
| Just retirement | £780 | Based on a Purchase Price of £10,000 | Info |
| Mgmadvantage | £729 | Based on a Purchase Price of £10,000 | Info |
| LV= | £729 | Based on a Purchase Price of £10,000 | Info |
| Reliance Mutual | £711 | Based on a Purchase Price of £10,000 | Inf |
The information shown is taken from Moneyfacts and correct as of June 2011.
See below for pension annuities for 65 year old females:
| Pension Annuity 65yr old Female | |||
| Bank | Interest | Notes | Link |
| SAGA | £609 | Based on a Purchase Price of £10,000 | Info |
| Hodge Lifetime | £605 | Based on a Purchase Price of £10,000 | Info |
| Legal & General | £602 | Based on a Purchase Price of £10,000 | Info |
| Aviva | £600 | Based on a Purchase Price of £10,000 | Info |
| Canada Life | £593 | Based on a Purchase Price of £10,000 | Info |
The information shown is taken from Moneyfacts and correct as of June 2011.
See below if you suffer from a medical condition for enhanced annuities 65 year old females:
| Enhanced Annuity 65yr old Female | |||
| Bank | Interest | Notes | Link |
| Just retirement | £760 | Based on a Purchase Price of £10,000 | Info |
| Partnership | £710 | Based on a Purchase Price of £10,000 | Info |
| Mgmadvantage | £709 | Based on a Purchase Price of £10,000 | Info |
| LV= | £688 | Based on a Purchase Price of £10,000 | Info |
| Reliance mutual | £686 | Based on a Purchase Price of £10,000 | Info |
The information shown is taken from Moneyfacts and correct as of June 2011.
Recently annuity rates have dropped due to higher average life expectancies, and now typically offer a return of around 8%, though this is dependent on each individual’s circumstances.
Annuity FAQ
